Flex Ltd. $FLEX Holdings Cut by Ethic Inc.

Ethic Inc. lessened its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 10.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 19,384 shares of the technology company’s stock after selling 2,364 shares during the quarter. Ethic Inc.’s holdings in Flex were worth $967,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in FLEX. Brighton Jones LLC bought a new stake in shares of Flex during the fourth quarter valued at approximately $260,000. GAMMA Investing LLC raised its holdings in shares of Flex by 231.2% during the first quarter. GAMMA Investing LLC now owns 1,636 shares of the technology company’s stock valued at $54,000 after buying an additional 1,142 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Flex by 7,157.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 69,016 shares of the technology company’s stock valued at $2,290,000 after buying an additional 68,065 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Flex by 3.9% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 112,253 shares of the technology company’s stock valued at $3,713,000 after buying an additional 4,200 shares during the last quarter. Finally, New York State Teachers Retirement System raised its holdings in shares of Flex by 0.5% during the first quarter. New York State Teachers Retirement System now owns 355,545 shares of the technology company’s stock valued at $11,761,000 after buying an additional 1,761 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Insider Buying and Selling at Flex

In other Flex news, CAO Daniel Wendler sold 10,000 shares of Flex stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $56.66, for a total value of $566,600.00. Following the transaction, the chief accounting officer owned 37,619 shares in the company, valued at approximately $2,131,492.54. The trade was a 21.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of Flex stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $51.79, for a total transaction of $517,900.00. Following the completion of the transaction, the director owned 111,355 shares in the company, valued at approximately $5,767,075.45. This trade represents a 8.24% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 77,520 shares of company stock worth $4,295,542. 0.57% of the stock is owned by corporate insiders.

Flex Trading Up 0.6%

Flex stock opened at $64.28 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36. The firm has a market cap of $24.13 billion, a price-to-earnings ratio of 28.19, a price-to-earnings-growth ratio of 2.09 and a beta of 1.15. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $65.59. The firm’s 50 day moving average price is $57.07 and its two-hundred day moving average price is $48.57.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.09. The firm had revenue of $6.58 billion for the quarter, compared to analyst estimates of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.51 earnings per share. On average, research analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FLEX shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a report on Saturday. Bank of America boosted their target price on Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 11th. Stifel Nicolaus boosted their target price on Flex from $45.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Finally, KGI Securities cut Flex from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Flex has a consensus rating of “Moderate Buy” and an average price target of $59.71.

About Flex

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.